NPR

Michael Will Cost Insurers Billions, But Won't Overwhelm Industry, Analysts Say

The storm's costs to insurers will be substantial, Fitch Ratings says, but companies should be able to absorb the losses. Still, communities will be coping with the financial fallout for a long time.
Destroyed homes and debris are seen near Port St. Joe, Fla., on Friday, two days after Hurricane Michael hit the Florida panhandle. Analysts estimate the storm has caused billions of dollars of damage. Source: Andrew Caballero-Reynolds

Analysts are estimating that Hurricane Michael has caused billions of dollars of damage and will create a substantial loss for insurers, but the industry is expected to cope — once again avoiding the kind of meltdown that Florida saw in the 1990s, after Hurricane Andrew.

It's still too early for a full accounting of the financial fallout. And insurance adjusters — like — have grappled with blocked roads and downed communication systems as they try to

You're reading a preview, sign up to read more.

More from NPR

NPR3 min readPolitics
Deval Patrick Makes A Late Entry Into The 2020 Presidential Race
The former Massachusetts governor is joining the race after briefing elected officials and supporters. Patrick had earlier decided against a run out of concern about how it might affect his family.
NPR3 min readPolitics
'The Report': A 7,000-Page Government Study, Brought To Vivid, Horrifying Life
Both didactic and engrossing, director Scott Z. Burns' film about the investigation into post-9/11 CIA interrogation techniques stars Adam Driver as an idealistic Senate staffer.
NPR3 min read
In A Rote, Rebooted 'Charlie's Angels,' Only Kristen Stewart Earns Her Wings
Writer-director Elizabeth Banks' take on the franchise plays "like a campy, under-budgeted 'Mission: Impossible,' " that loses momentum whenever Stewart is off-screen.